1. Performance of the emerging track of science and Innovation: the performance of science and innovation industry is differentiated, and the allocation and cost performance accelerate the repair. In the first month after the festival, overseas stock markets generally fell, and China’s trend was divided, with China Securities 1000 leading the rise, while the Beijiao weighted index mostly fell. Specifically, the cumulative increase and decrease of Kechuang 50, Kechuang weighted index and Beijiao weighted index were about 1.66%, – 0.98% and – 9.62% respectively. At the same time, since the beginning of this year, the global inflationary pressure has risen, the conflict between Ukraine and Russia has repeatedly restricted risk appetite, superimposed the approach of the Federal Reserve’s interest rate hike, and the technology track has generally experienced a more obvious valuation correction. Among them, the theme track of upward revision of performance expectations superimposed downward valuation is particularly noteworthy: big data, lithium batteries, new materials, new energy vehicles, network security, photovoltaic The peg of industrial Internet and other tracks has accelerated to less than double.
2. Tracking of the scientific innovation board: 1) in terms of market performance, the pharmaceutical and biological industry led the increase, while the performance of household appliances industry was weak; The biological industry led the increase, while the performance of high-end equipment manufacturing industry was weak; Asahi biology led the increase, with Beijing Roborock Technology Co.Ltd(688169) decline taking the lead. 2) In terms of valuation changes, the absolute valuation and relative valuation of Kechuang 50 have declined; Industry valuations rose and fell, with pharmaceutical, biological and electronic valuations rising among the top; Most of the subject valuations rose, with the new energy industry and biological industry leading the rise. 3) In terms of transaction structure, the transaction volume and transaction proportion of the science and Innovation Board decreased significantly. In the first month after the festival, the net financing sales of the science and innovation board were about 1.925 billion yuan, the financing balance decreased, the net subscription rhythm of the science and innovation 50ETF was significantly accelerated, and the foreign capital continued to increase the allocation of science and innovation. 4) In terms of IPO tracking, the pace of IPO on the science and Innovation Board slowed down significantly, with four new IPOs and a financing scale of 5.966 billion yuan.
3. Tracking by the Beijing stock exchange: 1) in terms of market performance, the subject matter of the Beijing stock exchange generally fell in the first month after the festival, and the weighted index of the Beijing stock exchange fell by 9.62% in February; At the level of individual stocks, Jilin Carbon Valley led the increase, and most of the digital people fell. 2) In terms of valuation changes, the absolute valuation and relative valuation of the Beijing stock exchange have declined, and the absolute valuation is near the historical center. 3) In terms of transaction structure, the turnover and turnover rate of the Beijing stock exchange decreased significantly. The cumulative turnover in the first month after the festival was about 179.66 yuan, which was significantly lower than the turnover rate of Wande all a in the same period. 4) In terms of IPO tracking, two listed companies were added in the first month after the Beijing stock exchange Festival.
4. Industrial prosperity
1) semiconductor: in January, the year-on-year growth of global and Chinese semiconductor sales slowed down, and the prices of DRAM and flash memory continued to rise recently.
2) consumer electronics: in the fourth quarter of 2021, the global shipments of PC products and tablets increased month on month, but the cumulative year-on-year growth of PC products and tablets continued to be negative.
3) new energy: in December 2021, the output of wind power continued to rise month on month and fell year-on-year, while the output of wind power increased slightly and continued to increase year-on-year.
4) new energy vehicles: in February, the sales volume of new energy vehicles continued to decline month on month, but continued to increase year-on-year. In January, the loading volume of power batteries decreased significantly month on month, and the year-on-year growth rate decreased.
5) communication services: in December 2021, the average household mobile Internet access traffic continued to decline month on month and year on year. In January 2022, the number of new households of 5g users increased month on month and year on year.
6) software services: in December 2021, the revenue of software services increased by 1.0 trillion, with a cumulative year-on-year increase of 17.7%, higher than the previous value and the same period in previous years.
Risk tips: 1. Increased volatility in overseas markets; 2. Macro liquidity fluctuates more than expected; 3. Sino US trade frictions intensified.
